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Vodafone plea against $1.7-bn tax dismissed

Posted: Monday, Dec 08, 2008 at 2353 hrs IST
Updated: Monday, Dec 08, 2008 at 2353 hrs IST

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Railways posts 8% growth in its earnings Rel, Gini & Jony tie up to offer Levi's footwear HMT H1 net loss widens to Rs 30.90 cr Genpact scouts for acquisitions

: reverse repo rate at which it borrows overnight to 5% from 6%. The cut in the reverse repo rate is the first time since 2003. However the central bank has maintained a status-quo in CRR and SLR.

* Politics

The Congress party on Dec 5 appointed 50-year-old Ashok Chavan, son of former chief minister and Union home minister Shankarrao B Chavan, as the next chief minister of Maharashtra. External affairs minister Pranab Mukherjee made the announcement in New Delhi, minutes after Narayan Rane, a strong aspirant for the job, staged a rebellion, slamming the party for its delay in naming a man for the job.

* Markets

Expectation of a rate cut this week by the Reserve Bank of India (RBI), coupled with declining inflation numbers and strong cues from global markets, led the Indian bourses to end in the positive terrain on Thursday. The 30-share of Sensex of Bombay Stock exchange (BSE) added 482.32 points, or 5.51%, and closed at 9,229.75 points. Indian markets opened with a positive gap, but swiftly turned choppy due to weak cues from some of the Asian markets. The market later managed to get ground, and during the final hours of trading rebounded, from the days low on genuine buying across all sector in the BSE.

* International

The European Central Bank, Britain and Sweden all made big cuts in interest rates on Thursday to shore up economies across Europe in the face of ever-bleaker financial news. The cuts were applauded by many analysts, but market reaction indicated that even more sweeping moves may be needed to halt the decline.

Sweden lopped off a record 175 basis points to 2.0% and the ECB slashed 75 points to 2.50%, the eurozone’s biggest ever cut. The Bank of England chopped 100 basis points for an interest rate of 2.0%, as recession loomed over Britain....

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